PSG-backed Hornetsecurity to acquire software solutions provider Altaro
Hornetsecurity Group, a European provider of cloud-based email security and data protection headquartered in Germany, is to acquire Altaro, a high-growth international provider of reliable backup solutions.
The acquisition will transform the company from being a regional leader in cloud email security to an international cloud security and compliance platform.
Altaro provides cloud back-up software for Microsoft Office 365 and virtual machine (VM) software focused on mid-market and SMEs. Headquartered in Malta with offices in the UK, Germany, France, North Macedonia and the US, Altaro serves over 50,000 customers across more than 120 countries.
This transaction will significantly expand Hornetsecurity’s international presence and product range, making the company a pan-European solutions provider to security and compliance issues in the Microsoft 365 environment. As part of the transaction, Altaro’s founders will be appointed into management roles within Hornetsecurity.
The transaction is supported by Hornetsecurity’s shareholders PSG, a leading growth equity firm partnering with lower middle-market software and technology-enabled service companies, and Verdane, the specialist Northern European growth equity investor.
"We’re thrilled to welcome the Altaro team to help drive the next phase of our growth,” says Daniel Hofmann, CEO of Hornetsecurity. “As we look to provide all organisations with a complete security and compliance solution for their use of cloud technologies, integrating Altaro's backup solutions into Hornetsecurity's email cloud security product portfolio will complete the comprehensive security package puzzle."
David Vella, CEO of Altaro, adds: "We have found exactly the right strategic buyer in Hornetsecurity and are delighted to become part of the group. The two companies’ existing business lines complement each other perfectly, and by combining these along with our pooled industry experience and know-how, we are confident in Hornetsecurity’s ability to become the European market leader in cloud security.”
Financial terms of the transaction have not been disclosed.